PDIC fails to get EIB depositors' consent for bank rehab

ABS-CBN News

MANILA, Philippines - The Philippine Deposit Insurance Corp. (PDIC) has failed to convince depositors of Export and Industry Bank (EIB) to approve the rehabilitation of the shuttered bank.

In a statement on Wednesday, PDIC said only 44% of EIB's uninsured depositors and 48% of the bank's creditors have signified their consent for the rehabilitation of the closed bank.

It's the latest in a series of setbacks in the PDIC's bid to sell the bank. PDIC earlier tried to dispose the bank in a bidding but was stopped by a court order.

Last week, the regulator also tried to get the bank's owners and stockholders to approve the sale but again failed.

"The PDIC expressed concern that the low turnout of consents received from uninsured depositors and creditors of EIB may delay the bidding process," the regulator said, adding it is now uncertain when the bank will be bid out. -- with a report from ANC